I can’t tell you how much I have to bite my tongue in what I really wanted to say about the SEC and their decision to extend the ban on short selling of financials. This is their way of manipulating and artificially fixing saving the financials, which is drastically wrong and drastically anti-free market. So now the ban is extended until October 17, and if a bailout plan is passed then the ban will be lifted three days thereafter. The funny thing is that the ban hasn’t even worked. We’ve had some of the worst days ever during the time in which you couldn’t short the financial stocks.
So if you’re running any short screens, just know that any company that has words like “financial, investment, brokerage, holdings, securities, bank, or insurance” associated with its practice or actual company name is off limits. The list now has some 950 stocks on it. Before two long they’ll just lump the entire market on the short list. If that happens we’ll look entirely prophetic .
